Standard and Poor’s has taken a look at the underlying financials for multimedia Hispanic specialist Entravision and it likes what it sees. The result – a ratings upgrade.
S&P has raised Entravision’s corporate credit rating from B+ to BB-, with a stable rating outlook.
A pair of financial instruments were also upgraded, from BB- to BB. These included a $30M revolver loan due in 2018 and a secured tem loan of $375M due 2020.
The key metric underlying the upgrade was Entravision’s leverage reduction from 3/31/14 to 3/31/15, taking it from 4.4x to 4.1x.
“We are pleased that S&P has recognized our consistent financial performance as well as our commitment to strengthening our balance sheet through debt repayments,” said Walter Ulloa, Chairman and Chief Executive Officer. “Moving forward, we will continue to execute our growth strategy with a focus on delivering returns to shareholders.”
